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Category Archives: Economy
Thomas Piketty and his colleagues have used new data to track inequality and sharpen the choices we face.
Nowadays, we have people who are too rich,” he said. “In the United States you do not care so much about equality, but we care about it,” says Bodiou, a retired civil engineer.“It does not mean we all have to … Continue reading
The laws of supply and demand for labour are broken. The Australian economy is not getting the wage rises it needs and there’s no sign of that changing.
HANS HENDRISCHKE and WEI LI. Chinese investment in Australia falls as political debate hits confidence
Chinese direct investment in Australia has declined, according to a new report by the University of Sydney and KPMG. In 2017, the value of investment fell by 11% in US dollar terms, from $11.5 billion in 2016 (A$15.4 billion) to … Continue reading
The Financial Times has published a letter from Nicholas Gruen in response to Martin Wolf’s column about the Swiss ‘sovereign money’ referendum, previously reprinted on this blog). Mr Gruen’s letter is as follows: Given the resounding ‘no’ from the Swiss … Continue reading
JAMES FERNYHOUGH. Revealed: This is how much ordinary Australians really earn. (The New Daily June 8, 2018)
A casual glance at the news in recent months may have left you thinking the average Australian earns almost $85,000 a year. If that sounded insanely high to you, then your instincts were bang on. An ordinary Australian earns way, way less than … Continue reading
This article supports Hugh White’s conclusion that the US is unlikely to succeed in fighting China for primacy in Asia. The US has been living beyond its means for a long time, and has depended on foreign finance, and especially … Continue reading
STEPHEN LETTS. The GDP myth: The planet’s measure for economic growth is deeply flawed and outdated.
Just as it has every three months for the past six decades, next week the Australian Bureau of Statistics will unleash a torrent of numbers that make up the national accounts.
How much is our disillusionment with politicians, governments and even democracy the result of our pollies’ 30-year love affair with that newly recognised mega-evil “neoliberalism”? To a considerable extent, according to Dr Richard Denniss, of the Australia Institute, in the … Continue reading
A radical rethink of the financial system was essential after a devastating crisis There are many other ideas in this broad area that seem worth pursuing. One would be to allow every citizen to hold an account directly at the … Continue reading
It’s illegal for Australian entities to bribe foreign entities, but apparently we’re perfectly happy to take dirty money from bribed foreigners and consort with corrupt leaders. Malaysia’s prime-minister-in-waiting, Anwar Ibrahim, called us out on Friday, expressing a view that Australia … Continue reading
“If you can’t measure it, you can’t manage it.” The mantra of the managerialist “economic rationalists” has led to oversimplification and oversight (in the sense of ‘failing to see’) of what actually matters: the real values involved in the work.
Flowing from the Financial Services Royal Commission is a stream of stories about the bad behaviour of big business, but is that distracting our attention from the shortcomings of small business?
There is a growing and unfortunate litany of corporate failure in Australia – and not just the banks and wage theft on a large scale. One continuing failure has been an unwillingness by our corporate sector to equip itself for … Continue reading
Australia just experienced one of the biggest mining booms in world history. But even at the peak of that boom, there was no talk of the wonderful opportunity we finally had to invest in world-class mental health or domestic violence … Continue reading
Central bank hawks want to keep plan to end QE but market jitters could force rethink.
About two months ago, Peter Dutton’s Department of Home Affairs took a decision that will have momentous consequences. In an initiative, given no publicity, the Minister decided that the substantial majority of asylum seekers awaiting the determination of their applications … Continue reading
The Productivity Commission’s recommendation that all superannuation funds have an independent chairman and board seems reasonable, yet industry funds are vehemently opposed to it. Meanwhile the industry funds, on average, clearly outperform their retail opposition, but the Liberal Party has been … Continue reading
The industry says we have a ‘world class’ system but who does it benefit. ‘It treats us with contempt. It has known for decades about the cost of multiple accounts.’ Here’s how you can tell the Productivity Commission was spot-on in its … Continue reading
A substantial Productivity Commission report, Superannuation: Assessing Efficiency and Competitiveness, was released this week with submissions due by 13 July 2018. It is an important report that reviews the $2.6 trillion industry with 15 million members and provides sensible reform … Continue reading
The giant Pine Gap intelligence and military base outside Alice Springs consumes a great deal of electricity to operate its intelligence-gathering and analysis operations. It now appears that the Turnbull government’s rejection of a $25 bn. bid for the NSW-government … Continue reading
The New Zealand Labour-led Government’s first budget has been judged to be conservative, cautious, restrained. It was the first step in an innovative way to reverse trends that have been souring New Zealand society. The aim is to invest in … Continue reading
MUNGO MacCALLUM. After all the promises, dithering, the backflips and the bullshit, the unemployment rate has not actually fallen
There can be no real doubt that the timing of the by-elections for July 28 was mean and tricky. But who was the mean trickster?
The Treasurer wants us to believe that the Government has a credible plan to restore the Budget to a surplus and cut taxes at the same time. This conclusion is based on the projections for revenue, expenditures and the budget … Continue reading
In part 1 I provided a brief overview of the book, Fair Share: Competing Claims and Australia’s Economic Future by Stephen Bell and Michael Keating, published by the Melbourne University Press, and set out as identified in the book, the … Continue reading
The topic of economic inequality has become an area of strong research and academic interest , and Fair Share: Competing Claims and Australia’s Economic Future, by Stephen Bell and Michael Keating, published by Melbourne University Press, adds to an illustrious … Continue reading
Two populist parties are set to take over the government reins in Italy and about the only thing they seem to agree on is their desire to spend huge amounts of money. That’s bad news for Italian finances and terrible news for the … Continue reading
“The stars belong to everyone: The best things in life are free.” Or they ought to be. The last week of Budget Hysteria, made me think, “Is money all there is to life?” That seems to be what the government … Continue reading
If you’re a surgeon living in one of the opulent suburbs on the southern shore of Sydney Harbour, then congratulations: you are a member of the highest paid group in Australia.
The federal election campaign could be as soon as August and no later than May. So which side is shaping as better at managing the economy?